Gabriel Resources Ltd. Third Quarter Report

About this update from Gabriel Resources Ltd.

[{"type":"text","content":"Gabriel Resources Ltd. Third Quarter ReportLONDON, UK / ACCESSWIRE / November 9, 2021 / Gabriel Resources Ltd. (TSXV:GBU)(\"Gabriel\" or the \"Company\") announces the publication of its Third Quarter Financial statements and Management's Discussion and Analysis Report for the period ended September 30, 2021.SummaryGabriel remains focused on the progression of its arbitration case brought by the Company and its wholly-owned subsidiary, Gabriel Resources (Jersey) Ltd., (together \"Claimants\") against the Romanian State (\"Respondent\") under the rules of the International Centre for Settlement of Investment Disputes (\"ICSID\"), part of the World Bank (\"ICSID Arbitration\"):The filing by the Claimants and Respondent of simultaneous written submissions (\"Post-Hearing Briefs\") in April 2021, which comment in conclusion on the evidentiary record, were expected to be the final substantive submissions by the parties in the ICSID Arbitration.On July 27, 2021 the Roşia Montană Mining Cultural Landscape, an area covering the footprint of the Project, was inscribed by UNESCO on its World Heritage List (\"Inscription\") and added to its List of World Heritage in Danger. The Inscription is consistent with, and further evidence of, Romania's political repudiation of the Project and its joint venture with Gabriel.In a procedural order issued on September 30, 2021, the arbitral tribunal (\"Tribunal\")allowed evidence relating to the Inscription into the record and the parties agreed a written procedure to address those documents. The Claimants filed their submission on October 29, 2021 and the Respondent will have until December 6, 2021 to file its response. The Tribunal also held out the prospect of a further procedural step in the form of an additional oral hearing or a written phase in response to any Tribunal questions that may arise following the filing of the Post-Hearing Briefs.In the absence of any further questions from the Tribunal, or other procedural interventions, it is anticipated that the Tribunal will focus on its deliberations and preparation of its final decision (\"Award\"). There is no specified timeframe in the ICSID Rules in which a further procedural step may be undertaken or an Award is to be made by the Tribunal.The net loss for the third quarter of 2021 was $3.0 million (Q2 2021 $6.0 million).As at S...

More updates from Gabriel Resources Ltd.